Friday, April 17, 2015

WASHINGTON - The American people are overtaxed by a waste-ridden government whose grotesquely swollen budget could be shrunk by hundreds of billions of dollars without harming its necessary functions and programs.

We know this is true because of years of shocking audits produced by Congress's Government Accountability Office that have exposed massive levels of waste, inefficiency, duplication, mismanagement and thievery throughout the federal bureaucracy.

Keep this in mind the next time you hear the Democrats in Congress and President Obama proposing that we raise taxes on wealthier Americans who, they say, "aren't paying their fair share."

It's one of the great lies by the big spenders here, but the truth is that Americans at the top of the income scale pay most of the taxes.

Yet the myth persists, perpetrated by the Washington news media, liberal special interests and others. despite endless studies that prove otherwise.

A recent Pew Research Center survey found that some six-in-ten Americans said "they were bothered a lot by the feeling that 'some wealthy people' and 'some corporations' don't pay their fair share."

Notably, 40 percent of those polled "thought they paid more than their fair share," Pew said.

But Pew included some tax data in its survey report that the IRS should send to every American taxpayer.

Based on a sample of tax returns filed between January and September 2013, the IRS found that people earning $250,000 and up accounted for 48.9 percent of all individual income taxes paid.

Those earning between $200,000 to $249,999 paid 6.1 percent of all taxes paid. And people who made between $100,000 to nearly $200,000 a year accounted for 22.7 percent of income taxes paid, the IRS found.

>This week, CNBC, the business-finance cable network, reported more recent tax projections from the non-partisan Tax Policy Center.

"The top 1 percent of Americans will pay nearly half of the federal income taxes for 2014 (45.7 percent), the largest share in at least three years," CNBC reported.

"The bottom 80 percent of Americans are expected to pay 15 percent of all federal income taxes in 2014," CNBC said.

Equally stunning, the report projected that the "bottom 60 percent are expected to pay less than 2 percent of federal income taxes."

Other reports based on previous years' tax filings and the amounts that the IRS collected also confirm that the richest Americans are paying most of the taxes.

"Top earners were the main target of recent tax increases under President Obama, but the federal income tax system is already progressive," says the conservative Heritage Foundation.

No comments:

Post a Comment